Spectra Energy Shareholders Vote In Favor of Managements Recommendation to Declassify Board of Dire

HOUSTON – Spectra Energy Corp (NYSE:SE) reported its shareholders voted on and approved an amendment to the company’s Certificate of Incorporation to eliminate the classified board of directors structure at the company’s annual meeting held yesterday.

The proposed amendment, which was recently recommended by management and approved by the company’s board of directors, enhances strong corporate governance policies and practices. The declassified board will become effective upon the filing of an amendment to the company’s Certificate of Incorporation with the Delaware Secretary of State. In future elections, directors will be elected to terms that expire each year at the annual meeting of shareholders.

“The outcome of today’s voting results is representative of our commitment to implement and maintain an effective corporate governance structure,” said Bill Esrey, chairman of the board, Spectra Energy Corp. “Our governance and control systems are designed to ensure we conduct our business ethically and profitably for the benefit of our shareholders and other stakeholders.”

Shareholders also elected Gregory L. Ebel, Peter B. Hamilton and Michael E.J. Phelps as directors whose terms will expire in 2010, and ratified the selection of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ended December 31, 2009.

Forward-Looking Statement
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future plans for capital expenditures, strategic corporate planning and the impact of industry trends and changes in commodity markets on our future results. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Factors that could affect our forward-looking statements, are described in our Form 10-K, filed with the Securities and Exchange Commission, and other filings that we make with the SEC, which are available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America’s premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,900 miles of transmission pipeline, more than 275 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy was recently ranked by FORTUNE as the world’s “most admired” pipeline company. For more information, visit www.spectraenergy.com.